Coquest Daily Energy Report

Crude Oil Futures for July 2022 settled down $0.52 @ $112.21/bbl. trading in a $2.82 range including the overnight-RBOB settled up 1.33/cpg and Heating Oil settled up 1.30/cpg. The EIA currently estimates that 97.4 mil/bpd. of petroleum and liquid fuels was consumed globally in April 2022, an increase of +2.1 mil/bpd. from April 2021. The EIA’s forecast that global consumption of petroleum and liquid fuels will average 99.6 mil/bpd. for all of 2022, which is a +2.2 mil/bpd. increase from 2021. The EIA revised down the forecast for 2022 global consumption of petroleum and liquid fuels by -0.2 mil/bpd. from the April STEO, primarily as a result of downward revisions to consumption growth in China and the United States. The EIA currently forecast that global consumption of petroleum and liquid fuels will increase by +1.9 mil/bpd. in 2023 to average 101.5 mil/bpd.

Natural Gas Futures for June 2022 settled up $0.052 @ $8.796/mmbtu trading in a .325 cent range including the overnight session. According to Energy Information Administration data, for the month of April domestic LNG exports averaged 11.6 billion cubic feet per day, slightly below the all-time peak of almost 12.0 bcf/d set in March. The EIA currently forecast that U.S. LNG exports will average 12.1 bcf/d from May through August, which is slightly lower than the previous forecast. This forecast reflects the current assumption of slightly lower LNG demand for Asia and Europe this summer compared with previous assumptions, in part because of sustained high natural gas prices. We expect U.S. LNG exports to average 12.0 bcf/d this year, a +23% increase from 2021.


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Disclosure: The risk of loss in trading futures and/or options is substantial. Past performance is not indicative of future results. The information in this message derived from third-party sources is believed to be accurate and reliable; Coquest does not guarantee the accuracy or completeness of the information. Opinions expressed in this material are subject to change without notice. This report should not be interpreted as a request to engage in any transaction of futures, options, and/or OTC derivatives. The information contained in this material is not to be relied upon in substitution for the exercise of your independent judgment. Seek independent financial, tax, legal, and accounting advice from your own professional advisers, based upon your particular circumstances.